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September Hong Kong retail sales down across the board (-18.3%)

Hong Kong retail sales in September were down 18.3 percent in the same month last year, but the decline was less than in August. The luxury sector again took the biggest hit.

Census and Statistics Department data released Friday provisionally estimated sales at HK$29.9 billion. The revised estimate for August’s decline was 22.9 percent, with sales for the third quarter down 15.1 percent on the second quarter, and by 19.5 percent year on year, almost on a par with 1998’s third-quarter record decline during the financial crisis.

Year-to-date, sales are down by 7.3 percent.

A government spokesman described the decline as “significant” as “local social incidents continued to take a heavy toll on inbound tourism and consumption-related activities”.

“As protests involving violence continue to deter tourists and reduce local consumption, and the subdued economic outlook also dampens consumer sentiment, the performance of retail sales is likely to stay weak in the near term.”

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